15-60(1)
Your assessable income includes the amount of a benefit provided to you, or on your behalf, by a
*
life insurance company under a
*
scholarship plan covered by subsection (2) or (3), reduced by the amount worked out under subsection (4), if:

(a)
the benefit is provided on or after 1 January 2003; and

(b)
you are nominated in the plan as a beneficiary whose education is to be helped by the benefit.

15-60(2)
This subsection covers a
*
scholarship plan issued by the
*
life insurance company after 31 December 2002.

15-60(3)
This subsection covers a
*
scholarship plan if:

(a)
the plan was issued by the
*
life insurance company before 1 January 2003; and

(b)
no amount received by the company on or after 1 January 2003 and attributable to the plan is
*
non-assessable non-exempt income of the company under paragraph
320-37(1)(d)
.

S 15-60(4) amended by
No 143 of 2007
, s 3 and Sch 7 items 21 and 22, by substituting
"
320-15(1)(k)
"
for
"
320-15(k)
"
in para (b), applicable to assessments for the income year including 1 January 2003 and later income years.

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